Question

WHAT IS GDP ? EXPLAIN WITHA AN EXAMPE HOW TO CALCULATE GDP

Answer 1

GDP stands for gross domestic product.it is the sum total of all final goods and services produced in a country during a particular year.it shows how big the economy is.it is the sum of production in all sectors.in india this mammoth task is undertaken by central govt. ministry.it collects information with the help of various govt. departments of all states and union territories.

GDP = C + G + I + NX
"C" is equal to all private consumption, or consumer spending, in a nation's economy
"G" is the sum of government spending
"I" is the sum of all the country's businesses spending on capital
"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)

Answer 2

GDP means gross domestic product Eg GDP of India is food grains Eg ( lower lvl) GDP of Punjab will be rice